Shopkeeper Insurance Policy covers all the probable risks and perils faced by small to medium sized shop owners. It provides protection for the property and the interests of the Insured in the business venture. The Shopkeeper’s Insurance is a combination of eleven sections covering various risks faced by shopkeepers/traders. The shop Owners of Pucca Construction of Retail chain, Shopping Arcades & Complex, Shops/Showrooms, where the Sum Insured of the building and contents together does not exceed Rs. 2 crores are eligible to buy this Policy.
Scope of Cover
Fire: It covers loss or damage to buildings and contents due to fire & allied Perils as per Standard Fire and special Perils Policy.
Burglary: It covers any loss or damage caused by burglary or attempt of burglary to contents in the shop
Money (Safe & Transit): It covers loss of money due to burglary of cash in safe place or in transit from shop to bank and bank to shop.
Fidelity guarantee: It covers financial losses due to fraud or dishonest act of salaried employees.
Personal Accident: Covers insured and spouse and/or his children, named in the schedule and aged between 5&70 years, against bodily injury caused solely and directly by accident and resulting in death or permanent total or partial disablement or temporary total disablement within 12 calendar months of such injury.
Baggage insurance: Covers loss or damage to accompanied personal baggage of insured or baggage in connection with his trade, whilst anywhere in India, by accident or misfortune.
Public liability: Covers Legal liability in respect of accidental death or bodily injury to a third party or accidental damage to their property during performance of any act in connection with insured's business.
Plate Glass: Covers loss of or damage to fixed plate glass in insured's shop by accidental means
Neon or glow sign: Covers loss of or damage to neon sign/ glow sign by accidental external means Fire, lightning or external explosion or theft, Riot, strike, malicious or terrorist act, Flood, inundation, storm, tempest, typhoon, hurricane, tornado, cyclone.
Employer’s Liability: Covers legal liability to the employees working
Loss of Profit: Covers loss of profit due to interruption of business consequent upon loss or damage sustained by property insured under Section I of the policy due to insured perils.
Points to be noted
It is necessary to opt for a minimum of 4 sections for this policy to be issued & of which Sections covering Contents Fire & Burglary are compulsory. 15% of the sum insured is waived for the purpose of Under Insurance for section
Following may be covered provided no process of manufacturing is done in the shop premises.
1. Shops selling confectionery and sweet meats items
2. Dry Cleaner shops
Restaurants / cafes & Jewellery shops are not covered.
Policy may be not issued for showrooms and display centers where no sales are carried out.
The policy carries varying excess applicable to different sections.
Terrorism risk may also be covered at additional Premium .
For taking Business Interruption cover proposer should have a Sales Tax No. and if he is a tax payer then Permanent Account No. (PAN) is also required.
Reinstatement of sum insured subsequent to loss is available for all Sections except PA, Fidelity guarantee, Public Liability and WC.
Discount: For taking coverage under more than four sections 15% (fifteen percent) discount is allowed. For more than six sections 20% (twenty percent) discount is allowed.
Earthquake
Terrorism
Involvement of the Insured’s and/or Insured’s staff directly / indirectly.
Insured’s premises is unoccupied, for a period of more than 30 days consecutively
To any property illegally acquired, kept, stored or property subject to forfeiture in any manner whatsoever.
To jewelry, gold ornaments, precious stones and silver articles of any description)
War and allied perils
Nuclear radiation and related perils.